HALLE (SAALE), Germany, 28 November 2019 – Vivoryon Therapeutics AG (Euronext Amsterdam: VVY; ISIN: DE0007921835), announced today its third quarter business update for the period ending September 30, 2019. The third quarter 2019 report is available for download on the Company website (https://www.vivoryon.com/investors-news/financial-information).
POST PERIOD HIGHLIGHTS
Financial Review (According to IFRS)
In the third quarter of 2019, research and development expenses amounted to EUR 1,196k and increased compared to the third quarter of 2018 (EUR 939k). General and administrative expenses increased to EUR 768k (Q3 2018: EUR 689k). The Company did not generate any revenue in the reporting period, in line with corporate planning. Therefore, the net loss of the period was EUR 1,935k, compared to EUR 1,659k in the third quarter of 2018.
All results are in line with management expectations.
Vivoryon Therapeutics held EUR 5.1 million in cash and cash equivalents as of September 30, 2019.
MorphoSys entered into an Agreement on Small Molecule Inhibitors of CD47-SIRP alpha Signaling in Immuno-Oncology
The Company announced that it entered into an agreement with MorphoSys AG under the terms of which MorphoSys has obtained an exclusive option to license Vivoryon’s small molecule QPCTL inhibitors in the field of oncology.
The option covers worldwide development and commercialization for cancer of Vivoryon’s family of inhibitors of the glutaminyl-peptide cyclotransferase-like (QPCTL) protein, including its lead compound PQ912.
POST PERIOD HIGHLIGHTS
Successful capital raise of EUR 43 million
The Company successfully raised capital of approximately EUR 43 million via a rights offering to existing shareholders and a private placement to selected qualified investors in Europe. Vivoryon Therapeutics issued a total number of 7,674,106 new ordinary bearer shares. The proceeds from the Offering will be used to finance the European Phase 2b clinical study with the Company’s lead product PQ912 for Alzheimer’s Disease, in particular for manufacturing the molecule PQ912, and bringing it through to Phase 2b results in 2022.
FINANCIAL CALENDAR 2020
Full Year Results 2019 March 26, 2020
First Quarter Results 2020 May 14, 2020
Half Year Results 2020 August 27, 2020
Third Quarter Results 2020 November 26, 2020
For more information, please contact:
Vivoryon Therapeutics AG
Dr. Ulrich Dauer, CEO
Gretchen Schweitzer / Joanne Tudorica
Tel: +49 172 861 8540 / +49 176 2103 7191
MC Services AG
Anne Hennecke / Susanne Kutter
Tel: +49 (0) 211 529 252 27
About Vivoryon Therapeutics AG
With 20+ years of unmatched understanding in identifying post-translational modifying enzymes that play critical roles in disease initiation and progression, Vivoryon’s scientific expertise has facilitated the creation of a discovery and development engine for small molecule therapeutics. This platform has demonstrated success by developing a novel therapeutic in type 2 diabetes. In its current programs Vivoryon Therapeutics is advancing its lead product, PQ912, in Alzheimer’s disease and its entire portfolio of QPCT and QPCTL inhibitors in oncology and other indications.
Forward Looking Statements
Information set forth in this press release contains forward-looking statements, which involve a number of risks and uncertainties. The forward-looking statements contained herein represent the judgment of Vivoryon Therapeutics AG as of the date of this press release. Such forward-looking statements are neither promises nor guarantees but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.